CHARLESTON, S.C., July 10, 2014 (GLOBE NEWSWIRE) -- Prices and demand for multi-family, luxury residential properties have surged across the Lowcountry in recent months, and perhaps no property better represents the Charleston real estate market turnaround better than Tides condominiums in Mount Pleasant.
A striking community of luxury residential buildings along the banks Charleston Harbor that fell victim to the Great Recession, Tides this week received permitting approval from Mount Pleasant Town Council for a fourth building. The 55-residence structure will be the latest edition to the waterfront gateway of South Carolina's fourth-largest city.
"The approval made a lot of sense for the town," said Chris Nickels, a Mount Pleasant Town Council member and Tides resident. "It's a unique product, it adds choices for a burgeoning population, it's a benefit to the tax base, and it won't be an added strain in terms of new infrastructure."
National residential developer East West Partners, in partnership with Charleston Harbor Holdings, took possession of fifty foreclosed residences at Tides in 2012 and reintroduced the dwellings to the Charleston market in early 2013. Since then, the rebound has been nothing short of remarkable.
"In two years, Tides has gone from foreclosure to plans for a fourth building," said Miller Harper of East West Partners. "That's virtually unheard of."
BOUNCING BACK
Consider Tides' sales figures over the past three years. In 2012, before the acquisition, three residences sold for an average of less than $500,000. The following year, 51 condominiums moved for an average nearing $800,000. And through May 2014, 14 residences closed for an average of nearly $950,000.
"As a single property, Tides has essentially doubled the market for luxury condominiums in annual absorption while doubling its own average sales price from 2012 to 2014," Harper said. "We believe this significant demand is a testament to the location and quality of life offered at Tides."
After partnering with Charleston Harbor Holdings to acquire the unsold residences, East West Partners worked closely with the Tides Homeowners Association to make several enhancements to the property, including upgrades to the entry, landscaping and amenities building. The augmentations, along with an insightful reintroduction strategy, helped pave the way for ongoing success, according to Nickels.
"When East West Partners and Charleston Harbor Holdings arrived, they dealt in a very open and transparent way, and it happened that we had almost everything in common," Nickels said. "It essentially turned into a business venture partnership that went very well."
LOOKING AHEAD
The fourth Tides building will continue the tradition of quality at the development and will feature a dedicated concierge, lobby, fitness center and marsh-front swimming pool. Future residents will also enjoy immediate access to the Ravenel Bridge for a 5-minute drive to historic downtown Charleston. The beaches of Sullivan's Island and Isle of Palms are just a short drive to the east. And the Tides are conveniently located next to the Mount Pleasant Waterfront Park and near myriad Mount Pleasant dining and shopping options.
Designs and pricing for the new building have yet to be finalized, but inquiries about available residences can be directed to Mac Triplett at mtriplett@tidescharleston.com.
East West Partners has been active in residential development for more than 25 years and in Charleston since 2000, having also been part of the team that developed and sold the highly acclaimed One Vendue Range along Waterfront Park in downtown Charleston.
More information:
For more information about Tides4, visit www.tides4.com. For more information about the Tides, visit www.TidesCharleston.com. For more information about East West Partners, visit www.ewpartners.com.
About East West Partners
East West Partners is a family of related but independent companies devoted to building, selling, managing and supporting high-quality real estate in the communities in which they operate. With projects across the nation, East West Partners is a two-time recipient of the Urban Land Institute (ULI) Award for Excellence, which is widely recognized as the development community's most prestigious awards program, recognizing the full development process of a project, including architecture and design, among other aspects.